Figures released by Statistics Canada Thursday showed the nation's trade deficit doubled to $1.1 billion in May, even as two-way trade between Canada and the rest of the world surged to a record high.
The agency went on to say imports rose for the sixth month in a row, up 2.4% in May to $49.8 billion. The biggest factor in the increase was imports of aircraft and other transportation equipment and parts, which soared by 45.9%.
StatsCan also said aircraft imports rose $527 million to $636 million in May.
Exports, meanwhile, rose for the third month in a row, up 1.3% to a record-high $48.7 billion during the month, or nearly 18% above where Canadian exports were a year ago.
All in all, two-way trade between Canada and the U.S. rose to $98.5 billion in May, which also proved to be a record.
